ICE Interest Rates report
November 2025
Gain the latest trends and insights with our monthly newsletter on ICE's rates market.
Interest Rate derivatives
The largest marketplace for U.K. and European interest rates futures and options including 3M Euribor, 3M ESTR, ECB Dated ESTR, 3M SONIA, MPC Dated SONIA, Long Gilts, Medium Gilts, Long EU Bond and SARON Futures.
Euribor Futures and Options
SONIA Futures and Options
ESTR Futures and Options
Long Gilt Futures and Options
SARON Futures
November highlights
3M ESTR Futures
- Record Open Interest (OI) at 2,096,784 (28th November)
- Record volume day trading 574,077 lots (14th November)
SONIA Futures
- Record Open Interest (OI) at 3,871,008 (28th November)
- Highest volume month in 2025 trading 18,929,614 lots
SONIA Options
- Record Open Interest (OI) 9,899,876 (28th November)
- Record volume month trading 7,863,670 lots
MPC Dated SONIA Futures
- Record Open Interest (OI) at 27,265 lots (28th November)
Long Gilt Futures
- Record Open Interest (OI) at 1,429,886 (21st November)
- Record volume month at 10,381,625
- Record volume day at 1,736,231 (24th November)
Products in focus
ECB Dated ESTR Futures
- Get direct exposure to the ECB’s rate decisions via our latest STIR innovation
- Futures dates mirror the exact ECB maintenance period dates
- Sits alongside our existing, liquid 3-month ESTR & Euribor contracts and offers significant margin offsets
- Cash settled
MPC Dated SONIA Futures
- Get direct exposure to the Bank of England’s rate decisions via our latest STIR innovation
- Futures dates mirror the exact MPC rate setting dates
- Sits alongside our existing, liquid 3-month SONIA contract and offers significant margin offsets
- Cash settled
Medium Gilt Futures
- ICE Medium Gilt Futures contract is a future deliverable into eligible UK government debt securities with maturities of 4 years to 6 years & 3 months and an original term to maturity of 11 years or less
- Functionality to execute Medium Gilt futures vs Long Gilt futures as a one line spread via the inter-commodity spread (ICS). Trades in a 2:1 ratio
- Trades alongside Long Gilt Futures & Options and Ultra Long Gilt Futures
Long EU Bond Index Futures Contract
- A unique approach to EU bonds with a cash settled future
- Get exposure to EU bonds with the listed derivative advantages of screen transparency, liquidity and margining
- Based on an index from ICE Data Indices (IDI) who offer approx. 6,000 indices tracking more than €100trn in debt
- The last trade date aligns with the benchmark Euro area govt bond futures
- Historical volatility of the index is similar to that of the other benchmark European bond futures